You have purchased your home! Here are the things to consider for smooth transition for possession of the property.
The following is not an all-encompassing list, but it will get you started in the right direction, to help you experience a smooth transition between now and when possession or closing day arrives.
Pre-Possession Steps
Organize Documentation:
Store all contracts and important paperwork.
Ensure you have proof of home insurance before your lawyer appointment.
Contact Your Lawyer:
Your lawyer should reach out 7-10 days before possession date.
If not contacted a week before, call them to set up an appointment.
Discuss Property Taxes:
Talk to your lawyer about property tax payment options.
Arrange Utility and Service Transfers:
Make a list of current service providers (utilities, internet, newspaper, etc.).
Contact providers to transfer services to the new property.
Read Moving Tips:
Review the 'Moving Tips' document for advice on planning, packing, and organizing your move.
Update Your Realtor:
Discuss pre-possession walk-through (if applicable) about a week before closing day.
Decide on the process for key exchange on possession day.
Possession Day Steps
Expectations on Possession Day:
Wait for confirmation from your lawyer that all funds and mortgage details are received by the seller’s lawyer.
The seller’s realtor will notify when keys can be released, usually around noon.
Need clarification or would like to learn more, Connect with our expert team.
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Disclaimer:
The information provided in this blog is for general informational purposes only and should not be considered legal, financial, tax, or investment advice. While we strive to ensure accuracy, real estate laws, market conditions, and regulations change frequently. Readers are encouraged to conduct their own research and consult with qualified professionals such as real estate attorneys, financial advisors, mortgage brokers, or tax experts before making any decisions related to buying, selling, or investing in real estate. We do not assume any liability for actions taken based on the information provided in this blog.